Poonawalla Fincorp Q2 profit soars five-fold YoY to Rs 375 crore
Poonawalla Fincorp reported a remarkable net profit of ₹375 crore for the second quarter, marking impressive year-on-year growth. The company's loan portfolio expansion contributed to a stellar 75.6% rise in net interest income. Notably, new disbursements made up 28% of the total, exceeding ₹4,400 crore. The gross non-performing asset ratio improved to 1.2%, reflecting enhanced asset quality,…
Poonawalla Fincorp reported a significant surge in its second-quarter profit, rising more than five-fold to ₹375 crore compared to ₹74 crore in the same period last year. This growth was driven by a sharp increase in loan-book size, which boosted interest and fee income, resulting in operating profit more than doubling. The non-bank lender's profit after tax also jumped by 405.2% year-on-year, reaching ₹74 crore.
Net interest income, including fees and other income, climbed by 75.6% year-on-year to ₹1,589 crore, while cross-sell and servicing income increased to ₹118 crore and ₹91 crore, respectively. Assets under management grew by 55% to ₹74,008 crore, with new products accounting for 28% of the disbursements. MD and CEO Arvind Kapil noted that the growth was accompanied by margin expansion, with yields on new disbursements increasing by about 20 basis points in the second quarter.
The company also highlighted the expansion of its commercial vehicle business and the scaling up of the consumer durable network.
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- Poonawalla Fincorp Q2 profit skyrockets 407% YoY to Rs 375 crore economictimes.indiatimes.com